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Discussion > Income Tax > Tax queries >

MUSHROOM FARMING INCOME

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CA Final

[ Scorecard : 99]
Posted On 31 December 2009 at 18:43 Report Abuse

What iz da TAX Treatment of income generated by growing Mushrooms............

 Is it an agricultural income.........??

or a taxable under Income Tax Act...??


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Vishnu Nair
Chartered Accountant

[ Scorecard : 920]
Posted On 31 December 2009 at 21:24

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Amir
Learner

[ Scorecard : 3951]
Posted On 01 January 2010 at 10:14

Since MUSHROOM is a CROP, hence to best of my knowledge INCOME FROM GROWING OF MUSHROOM WILL BE AGRICULTURE INCOME..




Sunil L Kotak
Manager (F & A)

[ Scorecard : 2012]
Posted On 01 January 2010 at 10:16

agreed with amir

sunil




Satvir Singh
CA-FINAL

[ Scorecard : 1700]
Posted On 01 January 2010 at 15:18

 yes, i should be agriculture income, no doubt abt it




shailendra
C.A. FINAL

[ Scorecard : 189]
Posted On 01 January 2010 at 15:23

 I agree with the above suggestions.

 

Also i want to add that check the activity in accordance with definition of agricultural income given in sec 10(1). If it satisfies all the conditions then it is agricultural income.



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